More than 30 years after FICO scoring was created, Kate Hao, CEO of Happy Mango, said it’s broken, leaving millions out of the mainstream financial system despite their creditworthiness.

“For decades, credit has been based on credit history, but how do you lend to those without credit history?” said Hao, a former treasurer with Morgan Stanley who created Happy Mango as an alternative credit assessment tool and an industry partner for improving financial health. “I believe credit markets can be made to work better for borrowers and lenders and social credit scoring is an answer.”

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.